Investor of Canada's Dominion Diamond pushes for share buyback

(Reuters) - Dominion Diamond Corp DDC.TO should make “significant” share buybacks instead of reserving cash to expand its Ekati mine, one of the Canadian diamond miner’s shareholders said on Tuesday.

Caerus Global Investors said in a statement it owns about 450,000 shares of Dominion, which, according to Thomson Reuters data, is just over 0.5 percent of Dominion’s shares outstanding.

Dominion is set to start the permitting process for a new area of the Ekati mine, called Jay Pipe, this autumn, and said last week it would consider returning cash to shareholders only after further details on Jay have been settled.